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The EPA is taking this action to implement the Water Infrastructure Finance and Innovation Act (WIFIA) program. WIFIA was passed as part of the Water Resources Reform and Development Act of 2014, Pub. L. 113-121. This action will establish guidelines for the application process, selection criteria, and project selection, as well as define threshold requirements for credit assistance, limits on credit assistance, reporting requirements, collection of fees and the application of other Federal statutes.

Statement of Need:

EPA plans to issue an interim final rule that establishes the guidelines for a new credit assistance program for water infrastructure projects and the process by which EPA will administer such credit assistance. The rule will implement a new program authorized under the Water Infrastructure Finance and Innovation Act of 2014 (WIFIA). WIFIA authorizes EPA to provide secured (direct) loans and loan guarantees to eligible water infrastructure projects. Following project selection by the EPA Administrator, individual credit agreements will be developed through negotiations between the project sponsors and EPA. The interim final rule primarily restates and clarifies statutory language while establishing approaches to specific procedural issues left to EPA's discretion.

Summary of the Legal Basis:

The Water Infrastructure Finance and Innovation Act (WIFIA) program authorizes EPA to provide secured (direct) loans and loan guarantees to eligble water infrastructure projects. WIFIA was passed as part of the Water Resources Reform and Development Act of 2014, Pub. L. 113-121.

Alternatives:

To Be Determined

Anticipated Costs and Benefits:

To Be Determined

Risks:

To Be Determined